Shared by
tradelikelarry
Trade Planning:
- Daily Chart: Uptrend, Consolidation below recent highs.
- TTM Squeeze: Daily
- Earnings Date: 9/7
- IV: 75%
- Potential Profit: $225
- Potential Loss: $275
Reason For Entry:
- Playing daily chart, Put Credit Spread. SFIX is in a pattern of consolidation below recent highs. Price action has been honoring the 21ema and entered the trade at the 8ema level. TTM is in a squeeze and watching for SFIX to continue its uptrend to new highs. Risking 1% of my portfolio on this trade.
Reason For Exit:
- SFIX made a move to new highs and I closed the position for a +53% win.
Recap:
-
The pattern was correct as price action was consolidating below its recent highs. I executed the PCS at the buy zone (8ema level) and breakeven level was well below the entry per the plan. Price consolidated for 4 days until making a move to new highs. I then closed the position for a +53% win. Nice trade overall and am now 7/7 on PCS plays at Omega Options Trading.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2020-06-24 10:57:12 | 17 JUL 20 24 PUT | sell | $1.650 | short |
| 2020-06-24 10:57:12 | 17 JUL 20 23 PUT | buy | $1.200 | long |
| 2020-06-24 10:57:12 | 17 JUL 20 24 PUT | sell | $1.650 | short |
| 2020-06-24 10:57:12 | 17 JUL 20 23 PUT | buy | $1.200 | long |
| 2020-07-01 16:27:58 | 17 JUL 20 23 PUT | sell | $0.2700 | long |
| 2020-07-01 16:27:58 | 17 JUL 20 24 PUT | buy | $0.4900 | short |
| 2020-07-01 16:27:58 | 17 JUL 20 23 PUT | sell | $0.2700 | long |
| 2020-07-01 16:27:58 | 17 JUL 20 24 PUT | buy | $0.4900 | short |
| 2020-07-01 16:28:00 | 17 JUL 20 23 PUT | sell | $0.2700 | 0 |
| 2020-07-01 16:28:00 | 17 JUL 20 24 PUT | buy | $0.4900 | 0 |
Leave a comment about this trade!
You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes
just a few seconds to sign up, and it's free!